217 Units | New Construction | Long Term Tax Benefit | Low-Interest Assumable Debt

Highlights:

• Premier Bronx Footprint: 278,931 gross SF portfolio across two 8-story elevator buildings
• Modern Construction: Built in 2006 and 2007, significantly reducing immediate capital expenditure needs
• Optimized Layouts: Features a diverse mix of 209 residential units consisting of studios, 1-bedroom, 2-bedroom and 3-bedroom units
• Lucrative 421-A Exemption: Benefits from a 421-A tax exemption through 2033, with future potential to convert to a 420-c tax benefit
• Diversified Income Streams: 209 residential units, 6 commercial spaces totaling 24,000 SF, two garages with a total of 54 spaces and an antenna on the roof
• Value-Add Opportunity: Approval for 610 amendment to the existing regulatory agreement allowing for significant revenue growth
• Attractive Assumable Debt: Outstanding mortgage of $23,000,000 at a highly competitive 3.80% interest rate
• Dominant Transit Hub Access: Strategically embedded within the Bronx’s most vital transit corridors, the properties o er seamless access to the 2, 4, and 5 subway lines
• Melrose Institutional Frontier: Positioned at the heart of the Melrose revitalization, a submarket experiencing a historic wave of modern residential construction and retail expansion

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